Part disposal of holding in Northcoders Group plc

RNS Number : 8202X
Vela Technologies PLC
07 January 2022
 

7 January 2022

 

Vela Technologies plc

("Vela" or "the Company")

Part disposal of holding in Northcoders Group plc

The Board of Vela (AIM: VELA), an AIM quoted investing company focused on early stage and pre-IPO disruptive technology investments, announces the disposal of part of Vela's holding in Northcoders Group plc ("Northcoders"). On 5 January 2022 the Company sold 25,000 shares at a price of £2.40 per share and on 6 January 2022 sold 50,000 shares at a price of £2.45 per share, generating aggregate gross proceeds of £182,500 for the Company ("the Disposal").

The Company originally invested £750,000 in Northcoders' IPO funding round in July 2021 via subscription for 416,666 ordinary shares at a price of £1.80 per share. The Disposal reflects a net profit (after costs) of £46,398.

Following the Disposal, Vela holds 341,666 shares in Northcoders, representing 4.9 per cent. of Northcoders' share capital. The proceeds of the Disposal will be used by the Company to make further investments in line with the Company's investing policy.

 

Northcoders, headquartered in Manchester, is an independent provider of training programmes for software coding. It offers a range of training and software development solutions to individual and corporate customers. Northcoders' offering includes 'bootcamp' training courses, government funded apprenticeships, bespoke training courses and software development solutions. Northcoders' proprietary IP in its platform allows Northcoders to streamline and automate elements of the delivery of its courses.

For the six month period ended 30 June 2021, Northcoders generated a profit before taxation of £0.018 million (12 months ending 31 December 2020: loss before taxation of £1.245 million). Northcoders' net liabilities as at 30 June 2021 were £0.51 million.

James Normand, Executive Director of Vela, commented:

 

"The increase in Northcoders' share price has borne out Vela's assessment of Northcoders at the time of its investment in July. The investment has increased in value by more than 40% in less than six months. Vela has taken advantage of unsolicited approaches in order to lock in part of this gain. It remains, however, a supportive and committed investor in Northcoders; and is confident that, as appreciation of Northcoders' business model broadens within the investment community, Vela's residual holding (an equity interest which remains at nearly 5%) will continue to form a profitable part of Vela's investment portfolio.

It is a key part of Vela's investment strategy to crystallise capital gains whenever appropriate; and so the Board is always alert to the opportunity to take advantage of such opportunities."

 

For further information, please contact:

 

Vela Technologies plc

Brent Fitzpatrick, Non-Executive Chairman

James Normand, Executive Director

 

Tel: +44 (0) 7421 728875

Allenby Capital Limited  (Nominated Adviser and Joint Broker)

Tel: +44 (0) 20 3328 5656

Nick Athanas/Piers Shimwell

 


Peterhouse Capital Limited  (Joint Broker)

Tel: +44 (0) 20 7469 0930

Lucy Williams / Duncan Vasey / Eran Zucker 

 


 

About Vela Technologies 

 

Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DISBSGDBXGGDGDR
UK 100

Latest directors dealings